Lending Stream provide short terms loans up to a period of six months. It’s not cheap to borrow money this way by any stretch of the imagination but when you have failed a credit check elsewhere, you may have no other alternative.
Making an Application to Lending Stream
As with most online short term loan applications, the process was very easy and straightforward. Lending Stream asked for all the usual information along with details of my income and expenses. Most if not all short term lenders will ask for this information now in order to check that you can afford the repayments (Other short term lenders have got into trouble in the past for not doing this).
I didn’t have to send any ID to Lending Stream because I assume they checked the electoral roll nor did I have to send any pay slips or speak to them by phone like some other providers I have used.
I submitted my application and awaited the decision from Lending Stream.
Lending Streams Decision
About 30 seconds later I was approved for the loan I requested of £400. I opted to repay this over six months although you can repay earlier which reduces how much interest you pay. Still it’s an expensive way to borrow money.
How long to receive the money from Lending Stream?
It was all done within about 30 minutes from making the application to receiving the loan funds into my bank account. This all depends on your bank, in my case I was banking with Nationwide at the time. I would think most banks would be the same but you never know. If your bank supports faster payments then you should be fine.
Early Repayment of my Lending Stream Loan
I opted to repay within two months rather than the six I signed up for. This saved me quite a lot of money in interest payments. Making an early repayment was a case of logging into the Lending Stream Website and specifying how much I wanted to pay off my loan. The payment was taken and my balance was updated along with the outstanding payment schedule.
Lending Stream Customer Services
So far all has been well but their customer services was not the best in my eyes. It took them nearly three months to sort a relatively simple query. When I contacted Lending Stream by telephone the adviser I spoke to was quite rude, huffing and puffing. This was disappointing. It also appears that some of the email replies are scripted and sometimes don’t really answer the question you have asked.
In my experience, the lending side of things was friction-less and worked well but they need to improve their customer services both by email and by telephone.
Repayment Difficulties of my Lending Stream Loan
I took out a second loan with Lending Stream for £600 after I had repaid my original loan. Due to a change in circumstances I was unable to meet the monthly repayments and needed to set up a repayment plan. What I did find though was that Lending Stream were more than willing to assist me with setting up a payment arrangement to avoid sending the account to an external debt collector.
Setting up the repayment plan was a simple as sending an email to advise of my difficulties and agreeing an amount that was affordable. Lending Stream send reminders before your payment is due and you are able to see the payment arrangement if you login to the Lending Stream Website.
Lending Stream also suspended interest and charges on the loan meaning that each payment I do make is reducing the outstanding balance.
Who is a Lending Stream Loan for?
Lending Stream are usually a good option for customers who have a poor credit rating who may struggle to get credit elsewhere. This is reflected in the higher rates of interest they charge compared to other more mainstream lenders.
This means that if you have a poor credit score, you are more likely to be accepted by Lending Stream. The main sticking point though is that this is a very expensive way to borrow money and could do you more harm than good. You should give a lot of thought to whether a Lending Stream Loan is right for you or not.
The advice here is to only borrow what you know you can comfortably repay. If you have any doubts then simply walk away. It is not worth it in the long term. I say all this based on my own experiences.
If I could turn back the clock I would have found some other way to get the money I needed to avoid the fact I got into debt with Lending Stream but that’s a whole other story that I may tell one day.
You may wish to look at alternatives such as Aqua Card although this could still be an expensive way to borrow money.
Time to bring this Lending Stream Review to a conclusion, here goes.
- Only borrow what you can comfortably afford to repay back.
- A Lending Stream Loan is an expensive way to borrow money.
- Your poor credit rating may not stop you getting a loan with Lending Stream.
- The application and payout is quick.
- Customer Services needs some improvement.
- Lending Stream are understanding if you experience issues with repayment.
I hope you enjoyed reading my review of Lending Stream. Feel free to share your own reviews in the comments section below. Thanks!